SASKATOON, June 15, 2012 /CNW/ - Construction of two new condominium
developments is underway in Yorkton and will be celebrated with
ribbon-cutting ceremonies today. These two developments will receive
$3.4 million in financing from the Government of Saskatchewan through
the HeadStart on a Home Program (HeadStart).
"The construction of these projects is wonderful news for the citizens
of Yorkton and surrounding area," said Yorkton MLA Greg Ottenbreit on
behalf of Social Services Minister and Minister responsible for
Saskatchewan Housing Corporation June Draude. "As our Province
continues to grow and prosper, and more people are calling Saskatchewan
home, finding an entry-level home that is affordable in today's market
can be challenging. I am pleased that HeadStart is helping to address
this issue, and that developers and home purchasers are expressing
interest in the program."
At 10:30 a.m. today, a ribbon-cutting ceremony will be held at 205 Good
Spirit Crescent, a 14-unit project by Deneschuk Homes Ltd, which will
receive $2.4 million in financing under HeadStart on a Home
(HeadStart). Each 1,148 sq. ft. three-bedroom unit is priced at
$235,861. Comprised of seven semi-detached bungalows, this project is
under construction in the new Riverside Terrace subdivision at 167-205
Good Spirit Crescent. Occupancy is expected to begin in November 2012.
Following the ceremony at Good Spirit Crescent, a second ribbon-cutting
will be held at Fifth Avenue Estates, a 6-unit project by Terra
Developments Inc., which will receive $972,000 in financing under
HeadStart. Each 1,116-1,138 sq. ft. three-bedroom two-storey detached
townhouse is priced at $239,750. Located at 164 Fifth Avenue South,
occupancy is expected to begin in Fall 2012.
The HeadStart on a Home Program, a $200 million initiative announced by
the government in 2011, will finance the construction of at least 1,000
new, entry-level homes over the next five years. With municipalities as
the program applicants, builders and developers are eligible for
construction loans of up to 90 per cent of the cost to bring new homes
to market. Financing is provided without the requirement of pre-sales
of housing units and at an interest rate of four per cent per annum.
The target sale price for homes constructed through HeadStart on a Home
will be at or below the MLS average sale price in each community,
expected to range from $180,000 to $300,000. The homes may include
condominiums, multi-unit, single family dwellings, modular homes, or
The program is delivered by Westcap Mgt. Ltd. (Westcap) with its twelve
Credit Union partners: Advantage, Affinity, Conexus, Cornerstone,
Diamond North, Innovation, North Valley, Plainsview, Prairie Centre,
Synergy, Spectra, and Weyburn.
"HeadStart on a Home is a made in Saskatchewan solution that will help
sustain our current growth and prosperity in this province," President
and CEO of Westcap Mgt. Ltd. Grant Kook said. "As the fund manager of
HeadStart, working closely with our credit union partners, we are very
pleased to have approved over $57 million in entry-level projects to
date, including these two projects in collaboration with the City of
As Saskatchewan's largest private venture capital fund manager, Westcap
has over $500 million in capital under management. Westcap specializes
in the development, launch, and fund management of niche funds that
address capital funding gaps in Saskatchewan. Westcap's history and
experience in delivering new funds and programs throughout
Saskatchewan, such as the well-known Golden Opportunities Fund Inc., is
integral to the success of the program.
As leaders in Saskatchewan's financial industry, Westcap and its Credit
Union Partners will ensure that the program reaches all communities
For more information about HeadStart on a Home, visit the website at: www.headstartonahome.ca.
SOURCE Westcap Mgt. Ltd.
For further information:
Westcap Mgt. Ltd.